As an entrepreneur, after developing your marketing strategy, what’s your next step? Have you ever heard about the marketing mix or the Seven P Formula?
Evaluating and re-evaluating your business activities is immensely important. And this is what you should do next.
Now to properly accomplish your last step, the Seven P Formula is very important.
Do you have a clue about the Seven P Formula or the marketing mix? If not, then we are here to provide you with the perfect information. So, keep reading this blog till the last word, and we'll have some enticing details.
As a business owner, you must have experienced the constantly changing environment of the marketplace. Products, consumer behavior, the needs and demands of the clients, and many other aspects keep changing frequently.
So, every company should work with a perfect marketing mix to stand out among competitors.
What is a marketing mix?
The marketing mix is a blend of several factors that helps a company pursue clients for its products or services.
Initially, the marketing mix was defined by the four Ps of marketing. After some time, the 5th P has been added for service businesses.
In the present scenario, two more Ps are added to the list of the marketing mix. So, let us learn about the Seven P Formula and see how it's helpful for businesses.
Every company or business deals with a variety of products or services. This marketing tool helps identify the right product or service.
A company's products or services must meet the needs and demands of its customers. Every business owner should analyze whether the products or services they are offering beat those of their competitors.
Observing that the company’s products and services are perfect for the current marketplace is another important part of this factor.
The next P defines the price. Every company should develop a practice of analyzing the prices of their products or services.
Making changes in the prices according to the current market and having flexibility in the terms and conditions of sale are some crucial aspects.
Comparing your company’s pricing model with that of your competitors is highly important. As a result, this P of the marketing mix allows a company to move smoothly with the price factor.
The next P of the Seven P Formula is now in place. Do you know that the sales are quite dependent on the location?
Many companies make their sales staff personally meet the clients. Some of them use emails, brochures, catalogs, and other digital advertising tools.
So, the focus of every entrepreneur should be on the right place or location to make sales.
Choosing the right promotional platform for proper advertising for your company is the next big factor.
As a result, every business owner should pay attention to their promotional campaigns and properly promote their products and services.
The competitive analysis in the case of promotions should be properly performed by the marketing team of a company. This will help you use the right promotional method for getting potential clients and making great sales out of it.
The personnel or staff of any company is the key to the organization. Experienced staff will take care of every aspect of the company and will take your business to new heights.
So, for meeting the expectation of the client, your team should be strong enough, followed by full knowledge.
The people connected to the business must be hardworking and loyal. This will result in better sales.
Do you know that the packaging is more important than the product? Yes, this is true because it is the prime factor responsible for creating an impression of the product and the company before the client.
Making changes from time to time in the packaging of the product will always give great results. The clients are attracted by alluring packaging, which increases the chances of conversion.
Last but never least is positioning. Every entrepreneur should analyze the positioning of their company in the eyes of their clients.
This factor makes a company grow at a faster pace. Observing what your clients think of your products and services will lead you down the path of improvement.
Start taking feedback from your clients through the feedback forms or one-on-one interactions. Check out what they need and jot down the points of improvement.
Determine your current position and compare it with the client’s expectations. This always helps a business owner get an increased client base, hence a higher sales graph.
The bottom line says that you should move forward with a "Seven P Formula" and make your company grow high by achieving greater milestones easily.
Sanjay Dhar, December 12, 2022
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